Brazil cuts import duties by 10%; steel down to 10.8%, aluminium to 5.4%

The Brazilian federal government has decided to cut by 10% the import duties imposed on most materials under its tariff system, the ministries of economy and foreign relations said in a joint statement on Friday November 5.

Among the changes, duties on the majority of flat-rolled and long steel products will be cut to 10.8%, from 12% currently. Import taxes on stainless steel will drop to 12.6% from 14%, and aluminium ingots and billets will face a duty of 5.4%, down from 6%.
The changes will affect more than 87% of the commodities subject to the tariff system, the ministries said.
"This is nothing. It makes virtually no difference," one Brazil-based trader source said.
"I see no new business being made because of this, but at least it is good news from a psychological point of view," a second Brazilian trader source said.
But a Brazilian mill source said: "This is terrible news."

The changes will remain in effect until December 31, 2022, the ministries...

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